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Emergency Out of Province Medical Travel insurance

As we all start to travel again, it’s important to remember that the world has changed from February 2020 and how we think about Emergency Medical Insurance should as well.  In addition to the “before” concerns of heart attacks, accidents and other medical emergencies (such as appendicitis, kidney stones, etc.) many of which can cost $100,000 to $1,000,000 or more,  even in countries other than the USA, we now need to consider hospitalization stays from Covid-19. 

In addition, each insurance company now offers different options, and many offer no Covid-19 coverage unless you’re fully vaccinated.  Many of the “standard” annual plans that cover you for multiple trips outside of Ontario now have restrictions as well.

What with pre-existing condition clauses, government travel advisories and the ever changing insurance options, you should talk to an insurance professional to obtain travel insurance.

Here are some resources to check out before you travel:

Canadian Travel Advisory - check to ensure that the country you want to travel is not on the “Avoid all travel” list. If it is, your insurance policy probably will not cover you.

Arrive Can app - Make sure to have the latest version on your cell phone and update your credentials before you return to Canada.  Don’t forget to make sure that you have a current negative approved Covid-test as well.

Proof of Vaccination - Proceed through the steps to book a second vaccine until you get to the page that lets you print a Watermarked pdf. Alternatively, you can call the Provincial Vaccine Booking Line at 1-833-943-3900. Ontarians who received their first or second dose of the COVID-19 vaccine out of province should contact their local public health unit to record their information and receive proper documentation. Find your unit here.

Check the Travel Advisory Site of the Country you are travelling to to get their current requirements, as they frequently change.

Do you have a plan if something happens to you and you can’t work?

Our biggest asset is our ability to earn a living.  What would happen if you got sick or injured and could no longer work?  The average 35 year old earning $60,000 a year will earn $1.8 Million over 30 years or with a 2% increase each year over $2.5 Million.

There are two types of replacement income insurance, depending on your needs to protect your earning potential:

Disability Insurance pays a monthly amount based on your provable pre-disability income and your inability to work.  The maximum that it will pay out is based on the amount of T4 (or T4A) income you have.  If you take your income in cash or dividends, the amount you can claim is very limited.

Critical Illness Insurance on the other hand pays out if you have a life threatening or life altering disease (that meets one of the definitions in the policy). The amount you can purchase is based on your lifestyle (like life insurance).  You may be able to continue working and still be able to collect Critical Illness Insurance.

For many business owners a combination of Disability and Critical Illness Insurance may be right for you. 

You should talk to an insurance specialist who has experience with business owners to determine the correct product(s) and the appropriate amounts you need to protect you and your family.

Feel free to contact me or your financial advisor if you have any questions. Heather Freed, heather@freed.ca